SWINDON Town owner Lee Power has sold Irish club Waterford FC.

The League of Ireland Premier Division outfit released a statement on Friday morning in which Power explained he had "sold 100 per cent" of his shares in the club to R & S Holding Ltd.

The Town chairman went on to say that R & S Holding Ltd are "a UK-based company" headed up by Richard Forrest.

The same man is said to have bought 33 per cent of Waterford earlier in the year, and "the remaining shareholding was agreed over the weekend," according to Power.

In the statement that the 48-year-old chairman ended with "Once a Blue, always a Blue", Power said: "I would like to thank all the staff, supporters, and businesses of Waterford that have supported me and the football club throughout my time.

"I would also like to think that I have left the club in a much better place than when I purchased it in 2016 when we were in the first division, attracting crowds of 200, and close to going out of business."

Power then went on to reference UEFA's decision to prevent Waterford from playing in the Europa League first qualifying round in 2019-20 due to not having been a member club for at least three years following a name change in 2017.

The Lewisham-born businessman ended by saying he felt the time was right to let someone else "take the club forward."

He said: "After a lot of hard work and substantial investment, we managed to get the team back to the Premier League and also qualify for Europe, only for that to be taken away from us.

"Ever since that decision was made by UEFA it has left a bitter taste in my mouth and it was difficult for things to stay the same. However, yet again last year it came down to the final game where a victory would have seen us back in Europe but it was not meant to be.

"I have managed to steer the club through COVID and cover the substantial losses that came with that and felt that now is the right time for me to move over and let someone else take the club forward.

"Me and my family will always continue to support and help the club in any way we can.

"Once a Blue always a Blue. Lee Power."